China gave cryptocurrency status of “virtual property”
Although possession of digital currency is now protected by law, a number of measures have been taken to exclude the flagship cryptocurrency, one of which is a complete ban on all initial offers of coins (ICO).
In response to the court’s decision, a People’s Bank of China official told the Chinese daily Global Times:
“Indeed, Bitcoin is a virtual property, but it is not paper money.”
The decision of the court and the explanation of the NBK make it clear that the possession of a cryptocurrency in China is legal.